FHA


The mortgage staff of VanDyk Mortgage has years of FHA loan experience.

• FHA allows the highest loan to value on missouri purchase loans in the market today. Conventional financing requires 5%-20% down payment but FHA only requires 3.5% which can be gifted by a family member, close friend, job, or even a gift program.

• FHA Loans have no requirements with regard to declining markets. While conventional lenders generally want to reduce your maximum loan to value if your home is designated as being in a declining market, FHA has no problems insuring loans at the maximum loan to value on a purchase or even a Maryland cash out refinance.

• Maryland FHA loans can be manually underwritten. Nearly every conventional lender today is using automated underwriting which is heavily based upon your credit history. FHA still allows for manual underwriting which allows us to work with our clients in drafting letters of explanation with regard to derogatory credit or work histories. The power of being able to explain your situation to a live person that will determine if an FHA loan makes sense for your situation cannot be overstated. This is one of the most powerful reasons that people are turning to FHA loans today.

Maryland FHA Loan Limits vary from county to county. To view the FHA loan limits for your particular area please click on the link below:

www.fha.com/lending_limits.cfm


Below we will show you some of the benefits of FHA purchase and FHA refinance loans for you:



FHA For Maryland Purchase Loans

• Up to 96.5% loan to value
  
   
• 3.5% down payment can be gifted
  
   
• No restriction with regard to declining markets
  
   
• Purchase loans close in under 30 days
  
   
• Flexible underwriting guidelines

FHA For Maryland Refinance Loans

• Up to 97.75% loan to value
  
   
• Cash out up to 85% LTV
  
   
• Low seasoning for recently listed in MLS
  
   
• Streamlined refinance with less paperwork
  
   
• Close your loan in 3 weeks or less

 

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